GERMANY: Enova and asset manager establish another IPP platform for wind, with 250 MW in the pipeline

Enova Power, working with institutional investor Signal Iduna and its subsidiary Hansainvest Real Assets, has secured financing to expand its wind portfolio with 250 MW of new capacity in Germany.

The first Enova IPP that the groups collaborated on built up a wind portfolio of 100 MW between 2017 and 2020, hitting its target.

Hansainvest is providing Enova with EUR 50–100m to finance the planned 250 MW buy-and-hold projects.

The asset manager and Enova have also each contributed a wind farm totaling 87 MW of capacity to a new IPP platform Enova IPP II. The projects are under construction in Emsland, Lower Saxony and will come online in 2025 and 2026.

A further 180 MW in the Weser-Ems region is in the approval planning stages.

All the planned projects are expected to be operational by 2027.

The majority of projects are expected to be supported with tenders under Germany’s Renewable Energy Act (EEG) regime. However, Enova says it will work to secure PPAs for some projects if the terms are favourable.

Legal support for the expansion of ENOVA IPP was provided by Fieldfisher. Tüv Süd provided technical due diligence.

Enova and Hansainvest have been collaborating since 2017. As part of the strategic collaboration, Hansainvest is supporting the operation of Enova’s wind farms by providing long-term mezzanine capital with a maturity of up to 22 years.

*This story was originally published exclusively for NPM Europe subscribers.

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